The Central Bank of Venezuela (BCV) said that the economic growth reported in 2012 is due, among other causes, to a higher supply of imported products and raw materials. In fact, the bank's numbers show that imports increased by 22%.

By the end of the third quarter, private and public sectors' imports totaled USD 40.7 billion, whereas last year they stood at USD 33.2 billion. Said increase "is associated with a higher dynamism in domestic aggregate demand," a BCV's statement read.

The numbers indicate that the slowdown in some key sectors of the economy was offset by an increase in imports. In fact, according to the BCV's statement, imports of goods totaled USD 32.9 billion.

The private sector's imports in the third quarter focused on food, agriculture, cattle, and common metals. This takes place amid a fall in food production and the collapse of Guayana's basic industries attributed to the lack of raw materials and investments.

Furthermore, although it did not break down the goods imported by government bodies, the BCV informed that such imports jumped 41.7%, amounting to USD 15.3 billion in the last nine months.

According to the central bank's data, similarly to the non-oil sector, imports by the oil sector climbed. They stood at USD 7.7 billion by the end of the third quarter.

Out of total imports, "59% was oriented to intermediate consumption, 23% to gross fixed capital formation, and 18% to final consumption.

Regarding income, the BCV outlined that by the end of the third quarter, oil revenues accounted for USD 69.7 billion, jumping 6% with respect to the same period in 2011 (USD 66.3 billion).